Ionis Pharmaceuticals, Inc. reported its financial results for the first quarter of 2025, revealing total revenue of $131.6 million, a 10% increase from $119.5 million in the same period of 2024. This growth was primarily driven by the commercial launch of TRYNGOLZA, which generated $6.3 million in product sales, alongside a significant rise in royalty revenues from SPINRAZA and WAINUA, which totaled $64.2 million compared to $49.4 million in the prior year. Despite the revenue increase, the company reported a net loss of $146.9 million, slightly higher than the $142.8 million loss recorded in the first quarter of 2024.
The financial performance reflects a strategic shift for Ionis, as it transitions into a fully integrated commercial-stage biotechnology company. The launch of TRYNGOLZA, approved by the FDA in December 2024, marks a significant milestone, being the first product the company is commercializing independently. Additionally, the company has entered into a collaboration with AstraZeneca for the joint development and commercialization of WAINUA, which is expected to enhance its market presence and revenue streams.
Operationally, Ionis has seen fluctuations in its expenses, with total operating expenses rising to $278.5 million from $269.0 million year-over-year. The increase in selling, general, and administrative expenses was attributed to the commercialization efforts for TRYNGOLZA and WAINUA, as well as preparations for the anticipated launch of donidalorsen. Research and development expenses decreased slightly, reflecting the completion of several late-stage studies. The company’s employee headcount has also increased, supporting its expanded operational capabilities.
Looking ahead, Ionis remains optimistic about its growth trajectory, with plans to launch additional products in the near future, including donidalorsen, which is currently under regulatory review. The company is also advancing its pipeline, with multiple medicines in Phase 3 development. Ionis anticipates that its diverse revenue sources, including royalties and product sales, will support ongoing investments in research and development, positioning the company for sustained growth in the competitive biotechnology landscape.
About IONIS PHARMACEUTICALS INC
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